It seems to me that QB awareness can come into play in their passes, more specifically, when throwing to the sidelines.
In my CCM with the Bears, I had Jay Cutler's short, middle, and deep accuracy all to 99, 98 throw power, and awareness in the 80's at the time. There's a play out of the wide triple shotgun formation I like to run called PA WR-IN that sends the outside receiver (#1) on a slant/post to the middle and the slot receiver (#3) on an outside wheel route. I like to look off the safety over the top coverage by pumping to the #1 receiver and hitting the #3 slot receiver on the wheel route up the sideline. Sometimes, when I threw to this receiver, I'd overthrow his route still either over his head or he would catch it out of bounds (this is using a 90+ awareness receiver with the 'feet in bounds' trait).
Now that I've bumped Cutler's awareness to 99, I rarely (maybe a few times a season) see the same overthrown passes. If the receiver doesn't catch the ball, it's because he didn't go up to make the catch which, by the way, is happening a lot more to me since yesterday.